Ollie Beckett, Fund Manager of TR European Growth Trust, discusses the significant global factors affecting the Trusts recent performance and how the shift, driven by inflation, towards more value orientated stocks is also benefiting the Trust. Ollie also explains why he believes investors should expect to see a global recovery in the second half of the year and that he believes TR European Growth Trust, as a European Trust focusing on smaller companies, will benefit from this.

Glossary

Commodity: A physical good such as oil, gold or wheat. The sale and purchase of commodities in financial markets is usually carried out through futures contracts.

Cyclical recovery: Companies that benefit from an overall economic recovery

Fiscal stimulus: an increase in government spending and/or a reduction in taxes.

Inflation: The rate at which the prices of goods and services are rising in an economy. The CPI and RPI are two common measures.

Total addressable market (TAM): a term that is typically used to reference the revenue opportunity available for a product or service. TAM helps prioritize business opportunities by serving as a quick metric of a given opportunity's underlying potential.

Volatility: The rate and extent at which the price of a portfolio, security or index, moves up and down. If the price swings up and down with large movements, it has high volatility. If the price moves more slowly and to a lesser extent, it has lower volatility. It is used as a measure of the riskiness of an investment